Petrobras, Shell assessing opportunities for extending collaboration

Offshore staff

RIO DE JANEIRO, Brazil – The CEOs of Petrobras and Shell have signed a memorandum of understanding during CERAWeek in Houston concerning a potential five-year collaboration.

It involves jointly assessing potential upstream opportunities, sharing experience and best practices on reducing carbon emissions, and environmental and social initiatives.

Exploration could be in and beyond the Brazilian presalt, including the Equatorial Margin.

Energy transition initiatives would likely focus on renewable energy and carbon capture, utilization and storage.

As for environmental developments, the two companies would seek to form projects to preserve and restore biodiversity, with the aim of issuing credits to offset carbon emissions.

Petrobras and Shell see strategic synergies in E&P projects that include decarbonization. Committees comprising representatives from both companies will monitor progress of the various studies and discussions.

In 2020 the companies signed a strategic technical cooperation agreement. They are currently partners in the Tupi, Sapinhoá, Mero and Atapu field developments offshore Brazil.

03.10.2023